Anil Singhvi strategy November 9: Important levels to track in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support for the headline Nifty index emerging at 19,400-19,425 levels and a strong buy zone at 19,300-19,335 levels on Thursday, November 9. For the Nifty Bank, he expects support at 43,425-43,550 levels and a strong buy zone at 43,225-43,325 levels.

Here's how Anil Singhvi sums up the market setup:

• Global: Positive

• FII: Negative

• DII: Positive

• F&O: Neutral

• Sentiment: Positive

• Trend: Neutral

Singhvi expects a higher zone for the Nifty50 at 19,485-19,550 levels and a strong sell zone at 19,575-19,650 levels. For the banking index, he sees a higher zone coming in at 43,800-43,950 levels and a strong sell zone at 44,000-44,200 levels.  

ANIL SINGHVI MARKET STRATEGY

Singhvi expects strong support for the Nifty50 and the Nifty Bank at 19,325-19,400 and 43,325-43,550 levels, and a recovery in the market to extend to 19,500-19,600 and 43,950-44,200 levels, respectively, amid firm local and domestic cues, and easing crude oil prices. Strong buying may emerge once the indices close above the levels of 19,500 and 44,000, respectively, he says. 

The market wizard suggests continuing with a 'buy on dips' strategy on Dalal street till Diwali with ample opportunities in midcap and smallcap stocks. 

• FII index long positions at 19 per cent vs 20 per cent the previous day
• Nifty put-call ratio (PCR) at 0.98 vs 1.07
• Nifty Bank PCR at 0.97 vs 1.20
• Fear index India VIX down 1.38 at 11.04

For existing long positions:

• Nifty intraday and closing stop loss at 19,300

• Nifty Bank intraday stop loss at 43,400 and closing stop loss at 43,300

For existing short positions:

• Nifty intraday and closing stop loss at 19,500

• Nifty Bank intraday and closing stop loss at 43,800

For new positions in Nifty:

• The best range to buy Nifty is 19,335-19,400 with a stop loss at 19,300 for targets of 19,465, 19,485, 19,515, 19,550, 19,575 and 19,600

• Aggressive traders can sell Nifty in the 19,485-19,575 range with a strict stop loss at 19,650 for targets of 19,465, 19,445, 19,425, 19,400 and 19,335

For new positions in Nifty Bank:

• The best range to buy Nifty Bank is 43,425-43,550 with a stop loss at 43,200 for targets of 43,625, 43,725, 43,800, 43,875, 43,950, 44,000, 44,050 and 44,200

• Aggressive traders can sell Nifty Bank in the 43,950-44,050 range with a strict stop loss at 44,200 for targets of 43,875, 43,800, 43,725, 43,650 and 43,550

F&O ban update

• New in ban: Delta Corp
• Already in ban: GNFC
• Out of ban: None

Stocks of the day:

Buy PI Industries futures with a stop loss at Rs 3,540 for targets of Rs 3,615, Rs 3,655 and Rs 3,685

• Strong operational performance
• Management confident of strong revenue growth and margins

Sell Pidilite futures with a stop loss at Rs 2,525 for targets of Rs 2,440 and Rs 2,400

• Super-duper results on all parameters
• Short if the stock opens higher as management is entering into landing business, acquiring NBFC from promoter group

Buy Eris Lifesciences shares with a stop loss at Rs 870 for targets of Rs 915, Rs 930 and Rs 940

• Strong results came on Wednesday
• Acquisition of two branded business from Biocon for Rs 366 crore a big positive

Buy Welspun Corp shares with a stop loss at Rs 450 for targets of Rs 464, Rs 470 and Rs 480

• Strong operational performance
• Guidance even stronger

Buy ITDC Cementation shares with a stop loss at Rs 216 for targets of Rs 229, Rs 233 and Rs 235

• Strong all-round performance
• Consolidated order book at Rs 22,000 crore

Results review:

Good: Lupin, United Spirits, PFC

• Stocks may open 1-2 per cent higher
• Good results mostly in price

Weak: GNFC and BHEL

• GNFC in F&O ban
• Some buying can emerge in BHEL at lower levels after a gap-down opening 

Catch the latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.